2020-12-31-accounts - The Journal Of Horticultural Science And Biotechnology

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Reports and Financial Statements

The Journal of Horticultural Science and Biotechnology

Year Ended 31 December 2020

THE JOURNAL OF HORTICULTURAL SCIENCE AND BIOTECHNOLOGY

Board of Trustees etc. Trustees' Report Independent Examiner's Report Balance Sheet Income and Expenditure Statement Statement of Financial Activities Notes to the Financial Statements	CONTENTS Page 1 2 3 4 5 6 7 - 10

THE JOURNAL OF HORTICULTURAL SCIENCE AND BIOTECHNOLOGY

CHARITY REGISTRATION NUMBER

211855

GOVERNING DOCUMENT

The charity is governed by its Constitution adopted in October 1993 and amended in September 1997, May 2004 and May 2008.

BOARD OF TRUSTEES

G R Dixon, BSc PhD FIHort CBiol FSB (Chairman)

J R Hillman, BSc PhD DSc CBiol FSB FRAgS FLS SMH FIHort FRSE ( Dep. Chairman)
R J Bogers, PhD
R H Collier PhD
W J Davies PhD

D Gray, OBE MA PhD DSc FIHort

P Gregory BSc PhD Hon Dr (Debrecen) CBiol FSB FRASE

P Hadley BSc PhD

P R Mills, BSc PhD MBA

J R Pitt, LLB

It is with deep regret that JHSB announces the death of the Journal's Deputy Chairman, Professor John R Hillman on the 23rd January 2021. Professor Rosemary H Collier has currently taken over the position of deputy.

INVESTMENT MANAGERS

EDITOR

Rathbones Investment Management Prof. B Thomas 8 Finsbury Circus 44 Church Street London Hampton Lucy EC2 7AZ Warwickshire CV35 8BE

INDEPENDENT EXAMINER

A R Worrall, FCMA 6 The Shrubberies Coventry CV4 7EF

PUBLISHERS

Taylor & Francis 4 Park Square Milton Park Abingdon OX14 4RN

BANKERS

Lloyds Bank Plc 41/43 South Street, Worthing West Sussex BN11 3AU

SECRETARY/TREASURER

R Preedy

REGISTERED OFFICE

21 Mantilla Drive Styvechale Grange Coventry CV3 6NJ

THE JOURNAL OF HORTICULTURAL SCIENCE AND BIOTECHNOLOGY

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

1. BOARD OF TRUSTEES

The Board did not meet during 2020, because of the governments travel restrictions due to Covid 19. Alternative arrangements were agreed and business was conducted by email

The last time the Board met was on 8th May 2019 at University of Warwick, Crop Centre ,Wellesbourne .

2. CHARITABLE OBJECTIVES AND PUBLIC BENEFIT

To advance research into the science and practice of agriculture with particular reference to horticulture and assist in the dissemination of the results of the said research work by the publication of a Journal. Journal to be called "The Journal of Horticultural Science and Biotechnology", which shall be available to members of the general public. The trustees have taken account of the Charity Commission 's general guidance on public benefit when setting ours aims and objectives and in planning our future activities

3. PUBLICATION

Volume 95 was published in 2020. It contained 6 issues, included 69 research articles and 8 reviews, in a total of 815 pages, compared to 814 pages in the previous volume. At the time of preparing this report (Late Feb 2021) two issues of Volume 96 have been published in hard copy and issue 3 is in production. An additional 44 papers have been accepted and 41 of these have been published online. The number of pages per volume was raised in 2019 from 112 to 136, which equates to 14-15 papers per issue. The backlog is therefore sufficient to fill issues 4 and 5 and most of issue 6 (November).

The number of original manuscripts received in 2020 was 775, up from 639 the previous year, while the total number of manuscripts, including revisions increased from 760 to 879. The Journal Impact Factor has increased significantly over the last 3 years, which has probably contributed to an increase in the number of submissions, although the coronavirus pandemic may have redirected researchers’ efforts from experimentation to writing papers. The current rate of submissions is similar to last year, which ensures the Journal is in a good position regarding the flow of high-quality content into the future.

4. FINANCIAL RESULTS

Publication income is based on a royalty agreed between the Journal and the publishers Taylor and Francis. Income for 2020 is £ 92,170 (2019 £ 91,938).

When the Taylor and Francis contribution to the editorial costs are taken in consideration along with investment income, bank deposit interest and miscellaneous income the total income for the year is £ 105,829 ( 2019 £ 105,924). For the first time a special research award of £10,000 was made.

Considering all the restrictions that the Coronavirus has inflicted through out the world, the Journals financial results for 2020 have turned out far better than were originally expected.

RESERVES

5 The Board's policy was to aim to hold a reserve of more than double the total annual expenditure. In the light of the royalty arrangements the Board has agreed it will monitor the position on an annual basis.

INVESTMENTS

6 Investments are made at the Board's discretion. They are reviewed annually with advice from the Investment Managers who also monitor the portfolio throughout the year.

The independently examined accounts for the year form part of this report.

Prof G R Dixon Chairman of Trustees

Mr R Preedy Secretary/Treasurer

Independent Examiner’s Report to the Trustees of the Journal of Horticultural Science and Biotechnology

I report to the trustees on my examination of the accounts of the Trust for the year ended 31 December 2020, which are set out on pages 4 to 10.

Responsibilities and basis of report

As the charity’s trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("the Act ").

I report in respect of my examination of the Trust's account carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
the accounts do not accord with those records; or
the accounts do not comply with the applicable requirements concerning the form and content

of accounts set out in the Charities (Accounts and Reports) Regulation 2008 other than any

requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination.

I have no concerns and have come across no matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Name: A.R.Worrall FCMA Address: 6 The Shrubberies Coventry CV4 7EF

Date: May 2021

THE JOURNAL OF HORTICULTURAL SCIENCE AND BIOTECHNOLOGY

BALANCE SHEET

AS AT 31 DECEMBER 2020

Note Fixed assets Investments 3 Current assets Debtors 4 Cash at bank Deposit account Creditors: amounts falling due within one year 5 Net current assets Total assets less current liabilities Unrestricted Funds: Reserves 6 Investment Revaluation Reserve 7 Approved by the Board of Trustees	2020 £ 513,540 50,604 3,884 145,723 200,211 (9,471) 190,740 704,280 £ 609,164 95,116 704,280	2019 £ 375,068 50,326 16,272 180,651 247,249 (9,187) 238,062 613,130 £ 548,455 64,675 613,130

............................................................................ Chairman Prof G R Dixon

............................................................................ Secretary/Treasurer R Preedy

THE JOURNAL OF HORTICULTURAL SCIENCE AND BIOTECHNOLOGY

INCOME AND EXPENDITURE STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2020

Note Royalties receivable Volume 95-94 Editorial contribution Total surplus on Journal Other expenses 2 Operating Profit/ (Loss) Investment income Deposit interest (gross) Surplus /(Deficit) carried to Reserves 6	2020 £ 92,170 5,555 97,725 (45,120) 52,605 8,031 73 60,709	2019 £ 91,938 5,555 97,493 (43,718) 53,775 8,341 90 62,206

The Income and Expenditure Statement is derived from the Statement of Financial Activities on page 6 together with the notes to the accounts on pages 7 to 10.

THE JOURNAL OF HORTICULTURAL SCIENCE AND BIOTECHNOLOGY STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2020

Note Incoming Resources Royalties receivable Volume 95-94 Editorial Contribution Investment income (gross) Investment income Deposit interest Total Incoming Resources Resources Expended Direct charitable expenses: Editor's remuneration and NI Stationery and sundry items Management and administration: Secretary/ Treasurer's remuneration and NI Postage, telephone stationery etc Audit and accountancy Insurance Conference ( May 2019) I T Software and consumables Travel and meetings Investment Manager fee Special Research Award JHSB centenary costs Marketing/Social Media Total Resources Expended 2 Net Incoming Resources For The Year 6 Other Recognised Gains and Losses Gain/( Diminution) on investments 7 Net Movement In Funds Funds Balances Brought Forward at 1 January 2020 Funds Balances Carried Forward at 31 December	£ 92,170 5,555 14,725 639 13,725 8 825 501 0 426 1,632 739 10,000 0 1,900 2020	2020 £ 97,725 8,031 73 105,829 15,364 29,756 45,120 60,709 30,441 91,150 613,130 704,280	£ 91,938 5,555 14,283 644 13,283 198 800 800 6,068 317 2,785 0 0 3,080 1,460	2019 £ 97,493 8,341 90 105,924 14,927 28,791 43,718 62,206 37,431 99,637 513,493 613,130

There were no other gains or losses in the year other than those reported above.

THE JOURNAL OF HORTICULTURAL SCIENCE AND BIOTECHNOLOGY

NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2020

1. ACCOUNTING POLICIES AND TRUSTEES RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS

Trustees Responsibilities

The Charities Act requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's activities during the year and of its financial position at the end of the year.

In preparing the accounts the trustees have:

selected suitable accounting policies and applied them consistently;
made judgements and estimates that are reasonable and prudent;
followed applicable accounting standards;
prepared the accounts on a going concern basis.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the charity's assets, and hence for taking reasonable steps for the prevention and detection of error, fraud, and other irregularities.

Basis of Accounting

The financial statements are prepared under the historical cost convention as modified by the inclusion of investments at market value, and in accordance with applicable accounting standards. In preparing the financial statements the charity follows best practice as laid down in the Statement of Recommended Practice "Accounting and Reporting by Charities" (SORP FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice.

Publication Income

Publication income is based on royalties paid by Taylor & Francis (the Journals publisher's) as set out in the publishing agreement dated 1st July 2015.

Production Costs

The production costs of each volume are charged fully in the year to which the volume relates.

Investments

Investments are included at market value.

Investment Income

Investment income is transfered direct to the Journals Investment Portfolio on a quarterly basis, by Rathbones.

THE JOURNAL OF HORTICULTURAL SCIENCE AND BIOTECHNOLOGY

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2020

2 OTHER EXPENSES Editor's remuneration and NI Secretary/Treasurer's remuneration and NI Stationery, printing and photocopying Postage, telephone and E-mail etc Audit and accountancy IT Software and consumables Insurance Travel and meetings Investment Manager fee Special Research Award Conference expenditure JHSB centenary costs Marketing/Social Media	2020 £ 14,725 13,725 639 8 825 426 501 1,632 739 10,000 - - 1,900 45,120	2019 £ 14,283 13,283 644 198 800 317 800 2,785 - - 6,068 3,080 1,460 43,718

Other expenses can be split between direct charitable expenditure of £ 15,364 and management and administration of £29,756 (2019 £14,927 and £28,791).

Employee information

The Charity employed two employees during the year to deal with all the administrative and editorial duties of the Charity. There were no members of staff paid more than £60,000 within the year.

Trustee remuneration and expenses

Trustee remuneration paid during the year was nil.

Included within travel and meeting expenses is the sum of £1,311 for expenses incurred by all of the trustees, including all business meetings by trustees (2019 £2,362).

Related party transactions

There were no related party transactions in 2020

THE JOURNAL OF HORTICULTURAL SCIENCE AND BIOTECHNOLOGY

NOTES TO THE FINANCIAL STATEMENTS

31 DECEMBER 2020

3 INVESTMENTS Listed at Market value Investment Management portfolio 4 DEBTORS AND PREPAYMENTS Sundry debtors 5 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Sundry creditors and accruals	2020 £ 513,540 513,540 2020 £ 50,604 50,604 2020 £ 9,471 9,471	2019 £ 375,068 375,068 2019 £ 50,326 50,326 2019 £ 9,187 9,187

THE JOURNAL OF HORTICULTURAL SCIENCE AND BIOTECHNOLOGY

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2020

6 RESERVES

Balance at 1 January 2020 Surplus / (Deficit ) for the year Balance at 31 December 2020 7 INVESTMENT REVALUATION RESERVE Balance at 1 January 2020 Gain/Diminution in Valuation Balance at 31 December 2020	2020 £ 548,455 60,709 609,164 2020 £ 64,675 30,441 95,116	2019 £ 486,249 62,206 548,455 2019 £ 27,244 37,431 64,675

8 STATUS

The Journal of Horticultural Science and Biotechnology is a registered charity (No. 211855).

9 TAXATION

The Journal of Horticultural Science and Biotechnology is exempt from Income Tax, Capital Gains Tax and Corporation Tax but is required to be registered for Value Added Tax (No. 203 9712 80).